The Former President John Dramani Mahama left a better-managed economy to President Nana Addo Dankwa Akufo-Addo, according to Alhassan Suhuyuni, a member of Parliament.
However, he claims that Mr. Akufo-Addo is not providing Ghanaians with the same economy that he inherited.
“The economy they inherited was superior to the one they are giving to us now.” “All they have to do now is improve what is now happening based on what the rating agencies have presented,” he remarked on TV3’s Key Points on Saturday, February 12.
“They got more revenue and resources,” he continued, “but the economy is worse than it was before.”
President Nana Addo Dankwa Akufo-Addo recently stated that the economy under his leadership is better than what Mr Mahama left behind, notwithstanding the pandemic.
Despite the pandemic, he declared his dedication to building the local economy in order to enhance the people’s level of living.
Mr. Akufo-Addo claimed that his administration had handled the economy better than his predecessor, John Mahama, despite the effects of the coronavirus outbreak.
On Wednesday, February 9, he was addressing at the Peduase Lodge in the Eastern Region during the presentation of the Diplomatic Corps’ New Year Greetings.
“The economy grew at a provisional pace of 5.2 percent in the first three quarters of 2020 as a result of government actions,” he said.
“In the medium run, this growth is projected to be sustained,” he stated.
“Overall real GDP is expected to increase at a rate of 5.6 percent over the medium term,” he continued, “and we are committed to meeting the budget deficit target level established by the Fiscal Responsibility Act, ACT 982, beginning this year.” We will continue to promote inclusive growth, encourage investment, and raise Ghanaians’ living standards.
“It’s encouraging for me and my party, the New Patriotic Party (NPP), to remember that the economy’s growth rate, at 5.6 percent against the backdrop of the Covid era’s exceptionally difficult circumstances, is still significantly better than the 3.4 percent we inherited from our predecessor’s administration.”
Mr. Akufo-remarks Addo’s came after former President John Dramani Mahama accused him for the current economic woes.
Mr. accused the administration of wastefulness and even recklessness when it comes to election-related spending in 2020.
“There is no disputing that the Ghanaian economy is in deep crisis, a crisis marked by huge budget deficits, an unsustainable public debt, rising inflation, a rapidly depreciating currency, ever rising cost of living, and a loss of confidence by both domestic and international investor communities,” the NDC Presidential Candidate for the 2020 elections said in a statement.
“Yet, President Nana Akufo-Addo and his Economic Management Team, rather shockingly, remain unconcerned in the face of this grave crisis, limiting their response to the imposition of extremely harsh and regressive tax measures, one of which is the E-Levy, which has been roundly rejected by Ghanaians.”
“Like a drowning person clinging to a sliver of hope to keep afloat, this government has placed all of its hopes in the E-Levy, which, given the seriousness and depth of the difficulties that have struck our economy, is not adequate nor realistic as a long-term solution to the crisis.”
Faced with such a major problem, the government has turned to unproductive political posturing in response to ideas on how to stop the downward spiral, maintain discipline, and aid the economy’s recovery.
“We eventually presented our Homegrown Fiscal Consolidation Programme to the IMF for help, based on the expertise gathered at Senchi.” The IMF endorsed our domestic policy, whose implementation restored economic stability and built the strong foundations that this administration profited from between 2017 and 2020, just as the World Bank predicted in 2016.
“Our economy would not have taken the disastrous nosedive it has taken and left us all reeling in pain if it hadn’t been for the profligacy and also the reckless election-related expenditure in 2020, which undermined all the progress that had been accomplished.” In 2020/21, the Akufo-Addo administration received and misapplied Ghana’s largest windfall or bailout in history: a $1 billion IMF concessional facility, another $1 billion in SDR allocation, $430 million from the World Bank, $250 million from the Stabilization Fund, and Gh10 billion from the Central Bank. This amounted to around Gh33 billion.”
